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Scaling a Financial Plan for Buying a Home in Bangalore

Buying a house is one of the most expensive splurge someone can think off. Sometimes it can cost your back breaking savings of your lifetime. Apart from that, buying a house also has an emotional quotient attached to it. It is a process where most of the buyers experience the exhilaration of turning their dreams into reality and prefer no compromise, but while you plan to buy a house, there are a couple of things you really need to keep in mind so that you are not carried away by your emotions by overlooking the practical side of it:

Understanding your home loan eligibility

Before you opt for buying a house, do have an insight of your home loan eligibility. To be very candid, people tend to overlook the fact that expenses incurred in buying a house are not just restricted to the value of the property only. There are other ancillary expenses associated with the process too, like registration amount, brokerage, stamp duties etc. which also is a good amount of money and you only need to make the provisions for that. For instance, if you are planning to buy a house in Bangalore and if you hire a property dealer, then add up the expenses you need to incur for appointing the real estate agents in Bangalore as well as the advocates for legal technicalities and so on and so forth

Plan your expenses well

Since home loan is a long term financial commitment, it is very important to plan your expenses well beforehand. Don’t forget to keep aside an emergency fund, to meet contingent situations

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Deciding on the resale or under – construction properties

Resale properties are priced on the higher side, yet it could be a profitable proposition over under – construction properties in the long run, if you are staying on rent, since opting for under – construction properties would attract EMI as well as your expenses towards the rent of your present house. So take a judicious call while deciding on the same. You may have a conversation with your property dealer in Bangalore about the price range of the house he is featuring to you as well as the expected appreciation of the property for both the options

Consider your prevailing liabilities

If you are having other loans or credit card dues or any other loans, do consider the amount you are paying for those as well as the tenure of those liabilities. Also check the upcoming appraisals and your expected raise to plan your expenses

Another aspect you need to consider while you think about buying a house, is the age bracket you belong to as well as your family responsibilities. If you are a family man with a kid then also consider a house within the vicinity of utility premises like school, college, bank, hospitals etc. Also, don’t forget to do home loan shopping and pick the best offer and don’t forget to insure the loan amount. Make sure you take care of the legal formalities too, and if required you may appoint a real estate advocate to ensure a smooth legal deal, but yes, it comes at a premium, hence set aside that amount since buying a house is an expensive splurge and you won’t want it to get messed up on legal grounds.

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